United Airlines Holdings, Inc., through its subsidiaries, provides air transportation services in North America, Asia, Europe, Africa, the Pacific, the Middle East, and Latin America. The company transports people and cargo through its mainline and regional fleets. It also offers catering, ground handling, flight academy, and maintenance services for third parties. The company was formerly known as United Continental Holdings, Inc. and changed its name to United Airlines Holdings, Inc. in June 2019. United Airlines Holdings, Inc. was incorporated in 1968 and is headquartered in Chicago, Illinois.

United Airlines Holdings, Inc.

$2,030,000 of UNITED AIRLINES INC lobbying was just disclosed, from Q2 of 2025, in a new Lobbying Disclosure Act filing.
This included lobbying on issues like:
"Customer-related issues. Air Traffic Controller Staffing Levels. Air Traffic Controller Hiring, Training and Infrastructure. Air Traffic Control Reform and Modernization. Government Shutdown Impacts on Federal Aviation Administration. DOT and FAA Regulations. NOTAM Modernization. Issues pertaining to security screening and biometric technology. Issues pertaining to cabotage regulations. Issues pertaining to airline frequent flyer programs. Issues pertaining to airline workforce and labor. S. 697, Air Traffic Control Workforce Development Act of 2025, all provisions. S. 1985, Safe Operations of Shared Airspace Act of 2025, most provisions. H.R. 3530, Flight Education Access Act, all provisions. P.L. 118-63, FAA Reauthorization Act of 2024, most provisions. Credit Card Competition Act (no current bill number), provisions related to aviation. H.R. 1719/S. 144, Farm to Fly Act of 2025, all provisions. S. 1422, Farmer First Fuel Incentives Act, provisions related to aviation.
Budget Reconciliation - Air Traffic Controller Staffing. Budget and appropriations related to the airline industry for Fiscal Year 2025 and Fiscal Year 2026.
Issues pertaining to Aviation taxes and fees. Issues pertaining to tariffs. Budget Reconciliation - Sustainable Aviation Fuel Tax Credits, TCJA tax provisions. Issues pertaining to Sustainable Aviation Fuels.
Issues pertaining to Sustainable Aviation Fuels."
You can find more data on corporate lobbying on Quiver Quantitative.
UAL Hedge Fund Activity
We have seen 474 institutional investors add shares of UAL stock to their portfolio, and 405 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
PACER ADVISORS, INC. added 5,021,511 shares (+10777.6%) to their portfolio in Q1 2025, for an estimated $346,735,334
QUBE RESEARCH & TECHNOLOGIES LTD added 3,772,932 shares (+3143.0%) to their portfolio in Q1 2025, for an estimated $260,520,954
CASTLE HOOK PARTNERS LP removed 3,670,329 shares (-83.5%) from their portfolio in Q1 2025, for an estimated $253,436,217
D. E. SHAW & CO., INC. removed 3,655,151 shares (-84.8%) from their portfolio in Q1 2025, for an estimated $252,388,176
CITADEL ADVISORS LLC removed 2,499,951 shares (-87.2%) from their portfolio in Q1 2025, for an estimated $172,621,616
CAPITAL WORLD INVESTORS removed 2,160,076 shares (-22.1%) from their portfolio in Q1 2025, for an estimated $149,153,247
FMR LLC removed 2,111,686 shares (-29.1%) from their portfolio in Q1 2025, for an estimated $145,811,918
UAL Analyst Ratings
Wall Street analysts have issued reports on $UAL in the last several months. We have seen 8 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
Susquehanna issued a "Positive" rating on 07/18/2025
UBS issued a "Buy" rating on 07/18/2025
B of A Securities issued a "Buy" rating on 07/18/2025
Barclays issued a "Overweight" rating on 07/17/2025
Seaport Global issued a "Buy" rating on 05/15/2025
TD Cowen issued a "Buy" rating on 04/22/2025
Evercore ISI Group issued a "Outperform" rating on 04/11/2025
To track analyst ratings and price targets for UAL, check out Quiver Quantitative's $UAL forecast page.
Multiple analysts have issued price targets for $UAL recently. We have seen 8 analysts offer price targets for $UAL in the last 6 months, with a median target of $100.0.
Here are some recent targets:
Andrew Didora from B of A Securities set a target price of $108.0 on 07/18/2025
Thomas Wadewitz from UBS set a target price of $114.0 on 07/18/2025
Christopher Stathoulopoulos from Susquehanna set a target price of $109.0 on 07/18/2025
Brandon Oglenski from Barclays set a target price of $100.0 on 07/17/2025
Daniel Mckenzie from Seaport Global set a target price of $89.0 on 05/15/2025
Tom Fitzgerald from TD Cowen set a target price of $88.0 on 04/22/2025
Duane Pfennigwerth from Evercore ISI Group set a target price of $100.0 on 04/11/2025
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Lobbying Update: $2,030,000 of UNITED AIRLINES INC lobbying was just disclosed

On July 10, Delta Air Lines DAL reported better-than-expected revenues and earnings per share for the second quarter of 2025, driven by higher-than-expected passenger revenues. DAL reinstated its 2025 earnings per share guidance of $5.25-$6.25. It expects free cash flow of $3-$4 billion for the year.
United Airlines UAL reported mixed second-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate but revenues missed the same. Latin American carrier LATAM Airlines LTM reported a year-over-year increase in revenue passenger-kilometers (RPK: a measure of air traffic) for June. Another Latin American carrier, Copa Holdings CPA reported a 6.3% increase in revenue passenger miles for June, driven by high passenger volumes. Southwest Airlines LUV also grabbed headlines courtesy of an expansion update.
Recap of the Most Recent Important Stories
1. Delta reported second-quarter 2025 earnings (excluding $1.17 per share from non-recurring items) of $2.10 per share, which beat the Zacks Consensus Estimate of $2.04. Earnings decreased 11% on a year-over-year basis due to high labor costs.
Revenues in the June-end quarter were $16.65 billion, beating the Zacks Consensus Estimate of $16.2 billion and decreasing marginally on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1% year over year to $15.5 billion.
Delta, currently carrying a Zack Rank #3 (Hold), expects third-quarter 2025 adjusted earnings per share in the $1.25-$1.75 band. The adjusted operating margin is expected in the 9-11% band. With air-travel demand stabilizing, revenues on an adjusted basis are expected to either remain flat or increase up to 4% from the third quarter of 2024 level.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Delta was also in the news recently, courtesy of its preparations for the key tech event, CES 2026. That news was covered in detail in the previous write-up.
2. United Airlines' second-quarter 2025 earnings per share (excluding 90 cents from non-recurring items) of $3.87 surpassed the Zacks Consensus Estimate by a penny but declined 6.5% on a year-over-year basis. Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.4 billion but increased 1.7% year over year. Passenger revenues (which accounted for 90.8% of the top line) increased 1.1% year over year to $13.8 billion. UAL flights transported 46,186 passengers in the second quarter, up 4.1% year over year. UAL anticipates less geopolitical and macroeconomic uncertainty in the second half of 2025, with demand inflection beginning in early July with a 6-point acceleration in booking demand.
For third-quarter 2025, UAL anticipates adjusted EPS between $2.25 and $2.75. For 2025, UAL expects adjusted EPS between $9.00 and $11.00.
3. LATAM Airlines reported a 10.7% year-over-year increase in consolidated capacity, measured in available seat-kilometers (ASK). The uptick was driven by a 13.9% increase in LATAM Airlines Brazil’s domestic capacity, partly owing to the temporary closure of Salgado Filho International Airport in Porto Alegre during 2024, as well as a 12.3% increase in the group’s international capacity. LTM’s consolidated traffic, measured in revenue passenger-kilometers (RPK), increased 10.2% year over year.
4. Copa Holdings reported robust traffic numbers for June 2025 on the back of upbeat air travel demand. Driven by high passenger volumes, revenue passenger miles (RPM: a measure of traffic) improved on a year-over-year basis in June. To match the demand swell, CPA is increasing its capacity. In June, available seat miles (ASM: a measure of capacity) increased 5.3% year over year. RPM rose 6.3% year over year. Since traffic outpaced capacity expansion, the load factor (the percentage of seats filled by passengers) inched up to 87.5% from 86.6% in June 2025.
5. In a bid to expand its network, Southwest Airlines announced that it will operate flights to St. Thomas in the U.S. Virgin Islands in 2026. St. Thomas has become a popular vacation destination, with a record number of airline passengers in 2024. St. Thomas is the first of three new destinations for 2026 that the carrier expects to announce this summer. It will be the ninth island destination served by Southwest in the Atlantic Basin. This is the first time since 2021 that LUV is adding new destinations to its network.
Airline Stocks Performance
The following table shows the price movement of the major airline players over the past week and during the last six months.
Image Source: Zacks Investment Research
The NYSE ARCA Airline Index decreased by 1.1% to $59.63 as most airline stocks traded in the red over the past week. Over the past six months, the NYSE ARCA Airline Index has decreased by 17.1%.
What’s Next in the Airline Space?
Amid the tariff-induced uncertainties, second-quarter 2025 earnings reports of many airlines are expected in the coming days. For example, Southwest Airlines is scheduled to report quarterly results on July 24. While improved air travel demand is likely to boost the top line, the bottom line is expected to have been aided by reduced fuel costs.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Airline Stock Roundup: DAL & UAL's Q2 Earnings, CPA, LUV in Focus

The following are the top rated Industrial stocks according to Validea's Contrarian Investor model based on the published strategy of David Dreman. This contrarian strategy finds the most unpopular mid- and large-cap stocks in the market and looks for improving fundamentals.
COPA HOLDINGS, S.A. (CPA) is a mid-cap value stock in the Airline industry. The rating according to our strategy based on David Dreman is 86% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Copa Holdings, S.A. is a provider of airline passenger and cargo service through its principal operating subsidiaries, Compania Panamena de Aviacion, S. A. (Copa Airlines) and AeroRepublica, S. A. (Copa Colombia). The Company operates through air transportation segment. Copa Airlines operates from its position located in the Republic of Panama. Copa Airlines provides international air transportation for passengers, cargo and mail, operating from its Panama City hub in the Republic of Panama. Copa Colombia provides service within Colombia and international flights from various cities in Colombia to Panama, Venezuela, Ecuador, Mexico, Cuba, Guatemala and Costa Rica. Copa Colombia provides domestic and international air transportation for passengers, cargo and mail with a point-to-point route network. Its subsidiary, Oval Financial Leasing, Ltd., controls the special purpose entities that have a beneficial interest in the majority of its fleet.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of COPA HOLDINGS, S.A.
UNITED AIRLINES HOLDINGS INC (UAL) is a large-cap value stock in the Airline industry. The rating according to our strategy based on David Dreman is 83% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: United Airlines Holdings, Inc. is a holding company. The Company transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. The Company, through United Airlines, Inc., and its regional carriers, operates across six continents, with hubs at Chicago O'Hare International Airport (ORD), Denver International Airport (DEN), George Bush Intercontinental Airport (IAH), Los Angeles International Airport (LAX), Newark Liberty International Airport (EWR), San Francisco International Airport (SFO), Washington Dulles International Airport (IAD) and A.B. Won Pat International Airport (GUM). Its hub and spoke system allow it to transport passengers between a large number of destinations with frequent services. The Company has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express. It provides freight and mail transportation services (Air Cargo).
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of UNITED AIRLINES HOLDINGS INC
AIR LEASE CORP (AL) is a mid-cap value stock in the Rental & Leasing industry. The rating according to our strategy based on David Dreman is 77% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Air Lease Corporation is a global aircraft leasing company. The Company is principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. It purchases commercial aircraft directly from aircraft manufacturers, such as Airbus S.A.S. (Airbus) and The Boeing Company (Boeing). In addition to its leasing activities, it sells aircraft from its fleet to third parties, including other leasing companies, financial service companies, airlines and other investors. It also provides fleet management services to investors and owners of aircraft portfolios for a management fee. It has relationships with over 200 airlines across 70 countries. The Company operates its business on a global basis, providing aircraft to airline customers in every major geographical region, including markets, such as Asia Pacific, Europe, the Middle East and Africa, Central America, South America, and others.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of AIR LEASE CORP
KUBOTA CORP (ADR) (KUBTY) is a large-cap value stock in the Constr. & Agric. Machinery industry. The rating according to our strategy based on David Dreman is 76% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Kubota Corp is a Japan-based company principally engaged in the provision of agricultural machines, engines and construction machines. The Company operates in three business segments. Machinery segment manufactures and sells agricultural machines and agricultural products, such as tractors, tillers, combine harvesters, rice planters, lawn mowers. The Segment also provides construction machinery and engines for agricultural machinery, construction machinery, industrial machinery and generators. Water & Environment segment is mainly engaged in the manufacture and sale of pipe systems such as ductile iron pipes and synthetic pipes, industrial equipment such as reaction pipes, spiral steel pipes, air conditioning equipment, and various environmental plants, pumps, and other products related to the environment. Others segment mainly provides logistics and financial services, roofing materials and exterior wall materials.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of KUBOTA CORP (ADR)
SKYWEST INC (SKYW) is a mid-cap value stock in the Airline industry. The rating according to our strategy based on David Dreman is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: SkyWest, Inc. is the holding company for SkyWest Airlines, Inc. (SkyWest Airlines), SkyWest Charter, LLC (SWC), and SkyWest Leasing, Inc. (SkyWest Leasing), an aircraft leasing company. The Companys segments include SkyWest Airlines and SWC, and SkyWest Leasing. SkyWest Airlines offers scheduled passenger service to destinations in the United States, Canada, and Mexico. The Company's flights are operated as United Express, Delta Connection, American Eagle or Alaska Airlines flights under code-share agreements with United Airlines, Inc., Delta Air Lines, Inc., American Airlines, Inc. or Alaska Airlines, Inc., respectively. SkyWest Airlines has a fleet of approximately 500 aircraft. SWC offers on-demand charter service using CRJ200 aircraft in over 30-seat configuration. SkyWest Leasing finances new aircraft with debt under its capacity purchase agreements, consisting of its E175 aircraft. SkyWest Leasing is also engaged in leasing aircraft and engines to third parties.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of SKYWEST INC
About David Dreman: Dreman's Kemper-Dreman High Return Fund was one of the best-performing mutual funds ever, ranking as the best of 255 funds in its peer groups from 1988 to 1998, according to Lipper Analytical Services. At the time Dreman published Contrarian Investment Strategies: The Next Generation, the fund had been ranked number one in more time periods than any of the 3,175 funds in Lipper's database. In addition to managing money, Dreman is also a longtime Forbes magazine columnist.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Industrial Stocks Based On David Dreman - 7/20/2025

Key Points
Adjusted earnings per share (non-GAAP) surpassed expectations at $3.87 for the quarter, while revenue (GAAP) came in just below analyst forecasts.
Domestic passenger revenue slipped 0.7%, but international revenue climbed 3.8% with Pacific routes leading growth.
Management raised its full-year adjusted diluted earnings per share (non-GAAP) outlook to a range of $9.00 to $11.00.
United Airlines (NASDAQ:UAL), a leading global airline with one of the broadest route networks in North America, reported its second quarter 2025 financial results on July 16, 2025. The standout news was adjusted diluted earnings per share (non-GAAP) of $3.87. Adjusted earnings per share of $3.87 beat analyst estimates by 1.57% (non-GAAP), while total revenue (GAAP) of $15.2 billion edged slightly below forecasts. Domestic passenger revenue softened during the quarter, reflecting higher expenses and pressure on main cabin fares. Continued loyalty revenue growth, and increased demand in premium cabins contributed to performance. Overall, the results point to a mix of challenges and strengths, with management raising their full-year adjusted diluted earnings per share guidance, signaling optimism for the remainder of fiscal 2025.
Metric
Q2 2025
Q2 2025 Estimate
Q2 2024
Y/Y Change
EPS (Non-GAAP)
$3.87
$3.81
$4.14
(6.5%)
Revenue (GAAP)
$15.24 billion
$15.36 billion
$14.99 billion
1.7%
Net Income (GAAP)
$973 million
$1.32 billion
(26.4%)
Free Cash Flow (Non-GAAP)
$1.1 billion
$1.84 billion
(38.5%)
Adjusted Operating Margin (Non-GAAP)
11.6%
13.1%
(1.5) pts.
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
About United Airlines—Business Model and Focus Areas
United Airlines operates an expansive route network connecting major business centers and high-population areas across the globe. Its hub-and-spoke system enables frequent flights to destinations on six continents, supporting large numbers of both business and leisure travelers. United's business model centers on maximizing connectivity, operational efficiency, and customer loyalty through strategic hub placement in cities like Chicago, Denver, Houston, and San Francisco.
In recent years, the company’s focus has shifted toward growing its international presence, expanding its loyalty and premium product offerings, and investing in sustainability initiatives. Key success factors now include network reach, cost management, successful labor relations, and delivering enhanced passenger experiences—especially in premium and high-value services.
Main Highlights from the Quarter
United recorded GAAP revenue growth of 1.7%, but this increase lagged a 6.5% jump in operating expenses (GAAP). Domestic passenger revenue (GAAP) declined by 0.7%, with demand softening in the main cabin and lower yields putting pressure on profitability. In contrast, international passenger revenue grew by 3.8%—led by an 8.7% increase in Pacific routes and solid gains in Europe and the Atlantic. Management attributed the international outperformance to strong US-origin demand and expanded long-haul service, supported by newly launched international routes.
Premium products continued to gain traction, with revenue from premium cabin tickets increasing 5.6% year-over-year. The airline also reported that loyalty revenue climbed 8.7% year-over-year. Cargo revenue contributed positively as well, up 3.8% year over year, despite a slight drop in cargo revenue ton miles. Operational reliability improved, with United achieving its best post-pandemic scores for on-time departures and its lowest second-quarter seat cancellation rate since 2021. New customer upgrades—such as Polaris Studio suites for business class and the Blue Sky partnership with JetBlue—added value to the passenger experience.
Unit revenue metrics showed areas that will need attention. Revenue per available seat mile, a key measure of efficiency capturing fare and demand levels per seat offered, fell 4.0% as domestic markets showed softness. The overall passenger load factor, or the percentage of available seats filled, slipped to 83.1% from 84.2%. In the domestic market, the load factor dropped by 2.3 points, reflecting weaker demand and the company’s decision to accept more lower-fare travelers to fill seats.
United’s costs rose ahead of revenue. Labor expenses increased by 7.7%—driven in part by a $561 million ratification bonus for flight attendants. Maintenance costs (GAAP) rose 20.8%. Other notable expense growth came from landing fees (up 11.0%). However, the airline benefited from a 15.3% year-over-year decrease in average fuel prices per gallon. Special items of $447 million, primarily related to labor agreements, also weighed on GAAP net income.
There were also signs of improving financial health. The company ended the quarter with $18.6 billion in available liquidity and reduced its net leverage (non-GAAP) to 2.0 times trailing twelve-month earnings from 2.4 times a year ago as of June 30, 2025. It also repurchased $0.2 billion of shares during the quarter, bringing year-to-date buybacks to $0.6 billion. Free cash flow (non-GAAP), while down from last year, remained positive at $1.13 billion.
On the strategic front, network expansion and alliances were key themes. United operated its largest-ever schedule by available seat miles, increasing capacity by 5.9% and adding new routes worldwide. The company highlighted the rollout of new customer amenities, progress on sustainable aviation fuel, and expanded digital check-in and touchless ID initiatives. However, the proportion of sustainable aviation fuel remained less than 0.3% of total usage, highlighting the ongoing challenge of scaling environmental initiatives.
Looking Ahead—Management’s Outlook and What to Watch
Management slightly raised its full-year adjusted diluted earnings per share guidance to a range of $9.00 to $11.00, reflecting a recent pickup in bookings and stronger business travel demand observed since early July. This updated outlook is a shift from the company's previous "recession scenario" expectations of $7.00 to $9.00 per share in earnings, though lower than the high case previously discussed.
Investors should monitor domestic revenue trends, as yield and load factors remain under pressure in the main cabin. Additional risks include ongoing labor cost increases and uncertain trajectory for fuel and maintenance expenses. Key areas of possible upside include further loyalty revenue growth, continued international strength—especially in the Pacific region—and operational improvements that boost customer satisfaction scores.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
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JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

United Airlines Lifts EPS Outlook

Friday, July 18, 2025
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Apple Inc. (AAPL), JPMorgan Chase & Co. (JPM) and Visa Inc. (V). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Pre-Markets Higher on Positive Q2 Earnings, Homebuilding Data
Today's Featured Research Reports
Apple’s shares have declined -5.8% over the past year against the Zacks Computer - Micro Computers industry’s decline of -5.9%. The company is witnessing weakness in iPhone sales, particularly in China, which is a concern. Increasing regulatory headwinds and tariffs are a concern for investors.
Nevertheless, Apple is benefiting from strong growth in Services revenues. It now has more than 1 billion paid subscribers across its Services portfolio, more than double what it had four years ago. The expanding content portfolio of Apple TV+ and Apple Arcade helped in driving subscriber growth.
Apple expects the June quarter’s (third-quarter fiscal 2025) revenues to grow low to mid-single digits on a year-over-year basis. Introduction of Apple Intelligence, an advanced personal intelligence system seamlessly integrated into iOS 18, iPadOS 18 and macOS Sequoia is helping Apple sell more of its devices, including iPhone.
(You can read the full research report on Apple here >>>)
Shares of JPMorgan Chase have outperformed the Zacks Financial - Investment Bank industry over the past year (+41.6% vs. +40.7%). The company’s second-quarter 2025 results reflected solid capital markets performance and decent loan growth. The company's business expansion initiatives, moderate loan demand and relatively high interest rates will drive net interest income (NII) growth.
Yet, the volatile nature of the capital markets business and high mortgage rates will hurt fee income growth. As the company invests in technology and marketing, operating expenses are expected to remain elevated. Weak asset quality due to a challenging macroeconomic environment is another concern.
While a solid resurgence in deal-making activities is likely to take time, a solid pipeline and the company’s leadership position will drive the investment banking (IB) business. Its enhanced capital distributions seem sustainable.
(You can read the full research report on JPMorgan Chase here >>>)
Visa’s shares have outperformed the Zacks Financial Transaction Services industry over the past year (+32.3% vs. +26.2%). The company’s strong market position is underpinned by consistent volume-driven growth, acquisitions and technological leadership in digital payments. Expansion in cross-border volumes, rising digital transactions, and investments in AI and stablecoin infrastructure enhance its future prospects.
A robust financial position with ample liquidity and shareholder returns further supports long-term growth. In 2Q FY25, processed transactions grew 9% year over year. However, Visa faces rising client incentives and expenses, which may weigh slightly on margins.
The company expects high single- to low double-digit expense growth in fiscal 2025. Regulatory pressures and potential legislative changes pose additional risks to its fee structures. The stock’s premium valuation suggests limited near-term upside. As such, the stock warrants a cautious stance.
(You can read the full research report on Visa here >>>)
Other noteworthy reports we are featuring today include United Airlines Holdings, Inc. (UAL), CNH Industrial N.V. (CNH) and HealthEquity, Inc. (HQY).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
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United Airlines (UAL) Rides on Air Travel Demand, Labor Costs Ail
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HealthEquity (HQY) Gains on HSA Growth Amid Macro Challenges
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Chord Energy's (CHRD) Capital Discipline Drives Value
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Solid Demand Aids SL Green (SLG), High Interest Expenses Ail
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Product Refreshes Aid Sonos (SONO) Amid Weak Macro Backdrop
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Per the Zacks analyst, the incorporation of AI Tax Assist in DIY tax preparation improves customer experience, boosting its revenues. Spruce enables efficient client acquisition and user engagement.
Robust Healthcare Programs Demand Benefits Adtalem (ATGE)
Per the Zacks analyst, Adtalem is gaining from robust market trends for healthcare education demand, reflecting enrollment growth. Also, favorable tuition rates and strategic business plans bode well.
Increasing Commercial and Defense Orders Drive Triumph Group (TGI)
Per the Zacks analyst, Triumph Group is likely to benefit from increasing orders from its diverse customer base including commercial airplane producers and various military organizations globally.
New Downgrades
Persistent Pricing Pressure Weighs on Dr. Reddy's (RDY) Growth
Per the Zacks Analyst, intense competition, falling generic prices and weak Emerging Markets sales continue to drag on Dr. Reddy's performance and outlook.
Jazz's (JAZZ) Sleep Disorder Franchise Under Pressure
While Jazz's efforts to diversify its top-line with oncology drugs is encouraging, the Zacks Analyst is concerned with the loss of orphan drug exclusivity for Xywav, set to expire in 2028.
Weak Advertising Demand Hurts SiriusXM's (SIRI) Prospects
Per the Zacks analyst, SiriusXM is suffering from sluggish advertising demand and lower subscriber growth due to coronavirus outbreak.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Stock Reports for Apple, JPMorgan Chase & Visa

The S&P 500 Index ($SPX) (SPY) Thursday closed up +0.54%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.52%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.74%. September E-mini S&P futures (ESU25) rose +0.59%, and September E-mini Nasdaq futures (NQU25) rose +0.77%.
Stocks rallied on Thursday, with the S&P 500 and Nasdaq 100 indexes posting new record highs. Signs that the US economy is holding up, despite tariff uncertainty, boosted stocks. Positive economic news Thursday included a decline in weekly jobless claims to a 3-month low, a stronger-than-expected retail sales report, and a rise in the Philadelphia Fed index to a 5-month high.
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Stocks added to their gains Thursday afternoon on dovish comments from San Francisco Fed President Mary Daly, who said the most recent set of rate projections from Fed officials, issued in June, offered a "reasonable outlook" in pointing to two 25 bp rate cuts by year's end. She added that the Fed should not wait too long before moving on rates, because if they wait until inflation is 2%, they've "likely injured the economy in some way that was completely unnecessary."
On the negative side, health insurers retreated on Thursday, led by a -12% plunge in Elevance Health after the company cut its earnings outlook for the year. Also, hawkish comments from Fed Governor Adriana Kugler were bearish for stocks when she said the Fed should keep interest rates on hold "for some time," citing accelerating inflation as tariffs start to boost prices.
US weekly initial unemployment claims unexpectedly fell -7,000 to a 3-month low of 221,000, showing a stronger labor market than expectations of an increase to 233,000.
US June retail sales rose +0.6% m/m, stronger than expectations of +0.1% m/m, and June retail sales ex-autos rose +0.5% m/m, stronger than expectations of +0.3% m/m.
The US June import price index ex-petroleum was unchanged m/m, weaker than expectations of +0.2% m/m.
The US July Philadelphia Fed business outlook survey rose +19.9 to a 5-month high of 15.9, stronger than expectations of -1.0.
The US July NAHB housing market index rose +1 to 33, right on expectations.
On the trade front, President Trump said late Wednesday that he intends to send a tariff letter to more than 150 countries notifying them their tariff rates could be 10% or 15%, effective August 1, and that the group was "not big countries who don't do that much business with the US."
Also, signs that the US could ease some of its export restrictions on semiconductor chips to China are bullish for chip makers. Commerce Secretary Lutnick said Nvidia could soon resume sales of its less advanced H20 chips to China, and Advanced Micro Devices received similar assurances from the Commerce Department, a sign that the US may be in the process of negotiating a grand trade deal with China. Treasury Secretary Bessent is expected to meet his Chinese counterpart, Vice Premier He Lifeng, within "the next couple of weeks" and signaled the US will likely extend an August 12 deadline for the easing of sky-high tariffs.
However, stocks were undercut by negative trade news that emerged last week and during this past weekend. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don't relocate production to the US within the next year.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on September 16-17.
The markets will focus on any fresh news regarding tariffs or trade deals during the remainder of this week. On Friday, June housing starts are expected to climb +3.6% m/m to 1.300 million, and June building permits are expected to slip -0.5% m/m to 1.387 million. Also, the University of Michigan's US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. The consensus is for S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets on Thursday settled higher. The Euro Stoxx 50 closed up +1.49%. China's Shanghai Composite closed up +0.37%. Japan's Nikkei Stock 225 closed up +0.60%.
Interest Rates
September 10-year T-notes (ZNU25) on Thursday closed down -3.5 ticks. The 10-year T-note yield rose +0.8 bp to 4.463%. T-notes on Thursday posted modest losses following stronger-than-expected US economic news, including June retail sales, weekly initial unemployment claims, and the July Philadelphia Fed manufacturing survey, which signaled a hawkish tone for Fed policy. Also, Thursday's rally in the S&P 500 to a new all-time high reduced safe-haven demand for T-notes. In addition, hawkish comments from Fed Governor Adriana Kugler weighed on T-notes when she said the Fed should keep interest rates on hold "for some time." Finally, rising inflation expectations undercut T-notes when the 10-year breakeven inflation rate rose to a 4.75-month high of 2.450% on Thursday.
Losses in T-notes were limited Thursday on carryover support from late Wednesday when President Trump said he has "no plans" on firing Fed Chair Powell. T-notes also found support on signs of easing price pressures after Thursday's news showed the June import price index ex-petroleum rose less than expected.
European government bond yields on Thursday were mixed. The 10-year German bund yield fell -1.3 bp to 2.675%. The 10-year UK gilt yield rose to a 6-week high of 4.678% and finished up +1.7 bp to 4.655%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
United Airlines Holdings (UAL) closed up more than +3% to lead airline stocks higher after CEO Kirby said the second half of the year has become more predictable and the company has potential "upside" to beat its earnings targets as customers returned to booking flights. Also, Alaska Air Group (ALK) closed up more than +3% and American Airlines Group (AAL) closed up more than +2%. In addition, Delta Air Lines (DAL) closed up more than +1%.
PepsiCo (PEP) closed up more than +7% to lead gainers in the Nasdaq 100 after reporting Q2 net revenue of $22.73 billion, above the consensus of $22.32 billion.
Snap-on (SNA) closed up more than +7% after reporting Q2 net sales of $1.18 billion, stronger than the consensus of $1.16 billion.
Steven Madden Ltd (SHOO) closed up more than +6% after Citigroup upgraded the stock to buy from neutral with a price target of $32.
CSX Corp (CSX) closed up more than +4% after Semafor reported that Union Pacific is exploring an acquisition of the company.
Travelers Cos (TRV) closed up more than +3% to lead gainers in the Dow Jones Industrials after reporting Q1 core EPS of $6.51, well above the consensus of $3.60.
Mondelez International (MDLZ) closed up more than +3% after Jefferies upgraded the stock to buy from hold with a price target of $78.
Health insurance providers are sliding today, led by a -12% plunge in Elevance Health (ELV) to lead losers in the S&P 500 after cutting its earnings outlook for the year to "approximately" $30 per share, well below a previous forecast of $34.15 to $34.85 per share. Also, Molina Healthcare (MOH) closed down more than -5% and Centene (CNC) closed down more than -4%. In addition, Cigna Group (CI) closed down more than -2% and Humana (HUM) closed down more than -1%. Finally, UnitedHealth Group (UNH) closed down more than -1% to lead losers in the Dow Jones Industrials.
Sonic Automotive (SAH) closed down -10% after JPMorgan Chase downgraded the stock to underweight from overweight with a price target of $72.
Abbott Laboratories (ABT) closed down more than -8% after reporting Q2 organic sales of +6.90%, below the consensus of +7.03% and forecasting full-year organic sales of +6% to +7%, weaker than the consensus of +7.37%.
Starwood Property Trust (STWD) closed down more than -5% after selling over 25.5 million shares of its common stock in an underwritten public offering overnight between $19.91 to $20.33 a share, below Wednesday's closing price of $20.85.
Shake Shack (SHAK) closed down more than -1% after Jeffries downgraded the stock to underperform from hold with a price target of $120.
Zoetis (ZTS) closed down -1% after Leerink Partners downgraded the stock to market perform from outperform.
Earnings Reports (7/18/2025)
3M Co (MMM), Ally Financial Inc (ALLY), American Express Co (AXP), Charles Schwab Corp/The (SCHW), Comerica Inc (CMA), Euronet Worldwide Inc (EEFT), Huntington Bancshares Inc/OH (HBAN), MarketAxess Holdings Inc (MKTX), Regions Financial Corp (RF), Schlumberger NV (SLB), Southern Copper Corp (SCCO), Truist Financial Corp (TFC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

S&P 500 and Nasdaq 100 Rally to Record Highs on a Resilient US Economy

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Oracle Corp (Symbol: ORCL), where a total volume of 234,554 contracts has been traded thus far today, a contract volume which is representative of approximately 23.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 148.2% of ORCL's average daily trading volume over the past month, of 15.8 million shares. Especially high volume was seen for the $250 strike call option expiring July 18, 2025, with 16,007 contracts trading so far today, representing approximately 1.6 million underlying shares of ORCL. Below is a chart showing ORCL's trailing twelve month trading history, with the $250 strike highlighted in orange:
United Airlines Holdings Inc (Symbol: UAL) options are showing a volume of 88,680 contracts thus far today. That number of contracts represents approximately 8.9 million underlying shares, working out to a sizeable 113.2% of UAL's average daily trading volume over the past month, of 7.8 million shares. Particularly high volume was seen for the $85 strike put option expiring July 18, 2025, with 6,019 contracts trading so far today, representing approximately 601,900 underlying shares of UAL. Below is a chart showing UAL's trailing twelve month trading history, with the $85 strike highlighted in orange:
And Moderna Inc (Symbol: MRNA) options are showing a volume of 91,362 contracts thus far today. That number of contracts represents approximately 9.1 million underlying shares, working out to a sizeable 93.6% of MRNA's average daily trading volume over the past month, of 9.8 million shares. Particularly high volume was seen for the $34.50 strike call option expiring July 18, 2025, with 19,466 contracts trading so far today, representing approximately 1.9 million underlying shares of MRNA. Below is a chart showing MRNA's trailing twelve month trading history, with the $34.50 strike highlighted in orange:
For the various different available expirations for ORCL options, UAL options, or MRNA options, visit StockOptionsChannel.com.
Top Ten Hedge Funds Holding SNCA
WIA Historical Stock Prices
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Thursday Option Activity: ORCL, UAL, MRNA

The S&P 500 Index ($SPX) (SPY) today is up +0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.47%. September E-mini S&P futures (ESU25) are up +0.25%, and September E-mini Nasdaq futures (NQU25) are up +0.51%.
Stocks are climbing today on signs the US economy is holding up, despite tariff uncertainty. Positive economic news today included a decline in weekly jobless claims to a 3-month low, a stronger-than-expected retail sales report, and a rise in the Philadelphia Fed index to a 5-month high.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Strength in airline stocks is also lifting the broader market, as United Airlines Holdings jumped more than 3% after CEO Kirby said the second half of the year has become more predictable and the company has potential “upside” to beat its earnings targets, as customers return to booking flights.
On the negative side, health insurers are retreating today, led by an -11% plunge in Elevance Health after the company cut its earnings outlook for the year. Also, hawkish comments from Fed Governor Adriana Kugler were bearish for stocks when she said the Fed should keep interest rates on hold “for some time,” citing accelerating inflation as tariffs start to boost prices.
US weekly initial unemployment claims unexpectedly fell -7,000 to a 3-month low of 221,000, showing a stronger labor market than expectations of an increase to 233,000.
US June retail sales rose +0.6% m/m, stronger than expectations of +0.1% m/m, and June retail sales ex-autos rose +0.5% m/m, stronger than expectations of +0.3% m/m.
The US June import price index ex-petroleum was unchanged m/m, weaker than expectations of +0.2% m/m.
The US July Philadelphia Fed business outlook survey rose +19.9 to a 5-month high of 15.9, stronger than expectations of -1.0.
The US July NAHB housing market index rose +1 to 33, right on expectations.
On the trade front, President Trump said late Wednesday that he intends to send a tariff letter to more than 150 countries notifying them their tariff rates could be 10% or 15%, effective August 1, and that the group was “not big countries who don’t do that much business with the US.”
Also, signs that the US could ease some of its export restrictions on semiconductor chips to China are bullish for chip makers. Commerce Secretary Lutnick said Nvidia could soon resume sales of its less advanced H20 chips to China, and Advanced Micro Devices received similar assurances from the Commerce Department, a sign that the US may be in the process of negotiating a grand trade deal with China. Treasury Secretary Bessent is expected to meet his Chinese counterpart, Vice Premier He Lifeng, within “the next couple of weeks” and signaled the US will likely extend an August 12 deadline for the easing of sky-high tariffs.
However, stocks were undercut by negative trade news that emerged last week and during this past weekend. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don’t relocate production to the US within the next year.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on Sep 16-17.
The markets will focus on any fresh news regarding tariffs or trade deals during the remainder of this week. Later today, the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan’s US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. The consensus is for S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +1.23%. China’s Shanghai Composite closed up +0.37%. Japan’s Nikkei Stock 225 closed up +0.60%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +3 ticks. The 10-year T-note yield is down -2.4 bp to 4.431%. T-notes recovered from early losses today and moved higher on carryover support from late Wednesday when President Trump said he has “no plans” on firing Fed Chair Powell. T-notes also found support on signs of easing price pressures after today’s news showed the June import price index ex-petroleum rose less than expected.
T-notes initially moved lower today on stronger-than-expected US economic news, including June retail sales, weekly initial unemployment claims, and the July Philadelphia Fed manufacturing survey, which signaled strength in the US economy that was hawkish for Fed policy. Also, strength in stocks today has reduced safe-haven demand for T-notes. In addition, hawkish comments from Fed Governor Adriana Kugler limited gains in T-notes when she said the Fed should keep interest rate on hold “for some time.”
European government bond yields today are moving lower. The 10-year German bund yield is down -2.0 bp to 2.667%. The 10-year UK gilt yield fell from a 6-week high of 4.678% and is down -0.1 bp to 4.638%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
United Airlines Holdings (UAL) is up more than +3% to lead airline stocks higher after CEO Kirby said the second half of the year has become more predictable and the company has potential “upside” to beat its earnings targets as customers returned to booking flights. Also, Alaska Air Group (ALK) is up more than +3% and American Airlines Group (AAL) is up more than +2%. In addition, Delta Air Lines (DAL) is up more than +1%.
PepsiCo (PEP) is up more than +6% to lead gainers in the S&P 500 and Nasdaq 100 after reporting Q2 net revenue of $22.73 billion, above the consensus of $22.32 billion.
Snap-on (SNA) is up more than +5% after reporting Q2 net sales of $1.18 billion, stronger than the consensus of $1.16 billion.
CSX Corp (CSX) is up more than +2% after Semafor reported that Union Pacific is exploring an acquisition of the company.
Steven Madden Ltd (SHOO) is up more than +5% after Citigroup upgraded the stock to buy from neutral with a price target of $32.
Travelers Cos (TRV) is up more than +2% to lead gainers in the Dow Jones Industrials after reporting Q1 core EPS of $6.51, well above the consensus of $3.60.
Mondelez International (MDLZ) is up more than +2% after Jefferies upgraded the stock to buy from hold with a price target of $78.
Health insurance providers are sliding today, led by an -11% plunge in Elevance Health (ELV) to lead losers in the S&P 500 after cutting its earnings outlook for the year to “approximately” $30 per share, well below a previous forecast of $34.15 to $34.85 per share. Also, Molina Healthcare (MOH) is down more than -3%. In addition, Humana (HUM), Centene (CNC), and Cigna Group (CI) are down more than -2%. Finally, UnitedHealth Group (UNH) is down more than -1% to lead losers in the Dow Jones Industrials.
Sonic Automotive (SAH) is down more than -8% after JPMorgan Chase downgraded the stock to underweight from overweight with a price target of $72.
Abbott Laboratories (ABT) is down more than -7% after reporting Q2 organic sales of +6.90%, below the consensus of +7.03% and forecasting full-year organic sales of +6% to +7%, weaker than the consensus of +7.37%.
Starwood Property Trust (STWD) is down more than -4% after selling over 25.5 million shares of its common stock in an underwritten public offering overnight between $19.91 to $20.33 a share, below Wednesday’s closing price of $20.85.
Archer-Daniels-Midland (ADM) is down more than -2% after President Trump said Coca-Cola has agreed to use “real cane sugar” in Coke soda in the US, which could reduce demand for ADM’s corn syrup and hurt its corn-processing business.
Shake Shack (SHAK) is down more than -2% after Jeffries downgraded the stock to underperform from hold with a price target of $120.
MP Materials (MP) is down more than -1% after it said it commenced a $500 million underwritten public offering of its common stock to fund its expansion.
Earnings Reports (7/17/2025)
PepsiCo Inc (PEP), Travelers Cos Inc/The (TRV), Abbott Laboratories (ABT), Elevance Health Inc (ELV), Cintas Corp (CTAS), Marsh & McLennan Cos Inc (MMC), US Bancorp (USB), Snap-on Inc (SNA), General Electric Co (GE), Citizens Financial Group Inc (CFG), Fifth Third Bancorp (FITB), Netflix Inc (NFLX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Supported by Signs of US Economic Strength

United Airlines Holdings, Inc. (UAL) reported mixed second-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's second-quarter 2025 adjusted earnings per share (EPS) (excluding 90 cents from non-recurring items) of $3.87 surpassed the Zacks Consensus Estimate by a penny but declined 6.5% on a year-over-year basis. The reported figure lies within the guided range of $3.25-$4.25.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.4 billion but increased 1.7% year over year. Passenger revenues (which accounted for 90.8% of the top line) increased 1.1% year over year to $13.8 billion. UAL flights transported 46,186 passengers in the second quarter, up 4.1% year over year.
Cargo revenues grew 3.8% year over year to $430 million. Revenues from other sources rose 8.8% year over year to $970 million.
UAL’s diverse revenue sources contributed to its second-quarter results. These include premium cabin revenues, which went up 5.6% year over year, revenue from Basic Economy (up 1.7% year over year), cargo revenues (up 3.8%) and loyalty revenues (up 8.7%).
United Airlines Holdings Inc Price, Consensus and EPS Surprise
UAL’s chief executive officer, Scott Kirby, stated, "Our second-quarter performance was more proof that the United Next strategy is working. I am extremely proud of the team for executing a strong operation and navigating through a volatile macroeconomic period, while still growing earnings and pre-tax margin for the first half of the year. Importantly, United saw a positive shift in demand beginning in early July, and, like 2024, anticipates another inflection in industry supply in mid-August. The world is less uncertain today than it was during the first six months of 2025 and that gives us confidence about a strong finish to the year."
Other Details of UAL’s Q2 Earnings Report
Below, we present all comparisons (in % terms) with the second quarter of 2024 figures unless otherwise stated.
Airline traffic, measured in revenue passenger miles, grew 4.5%. Capacity, measured in available seat miles, expanded 5.9%. Although traffic improved year over year, it failed to outpace capacity expansion. As a result, the consolidated load factor (percentage of seats filled by passengers) declined 1.1 points on a year-over-year basis to 83.1%. We had expected the consolidated load factor to be 79.5%.
Consolidated passenger revenue per available seat mile (a key measure of unit revenues) inched down 4.5% year over year. Total revenue per available seat mile decreased 4% year over year. The average yield per revenue passenger mile fell 3.2% year over year to 19.74 cents. The average aircraft fuel price per gallon fell 15.3% year over year to $2.34. Fuel gallons consumed were up 4.7% year over year.
Operating expenses (on a reported basis) increased 6.5% year over year to $13.9 billion. Consolidated unit cost or cost per available seat mile, excluding fuel, third-party business expenses, profit-sharing and special charges, inched up 2.2% year over year to 12.36 cents.
UAL exited the second quarter with cash and cash equivalents of $9.35 billion compared with $9.37 billion at the prior-quarter end. Long-term debt, finance leases and other financial liabilities were $20.8 billion compared with $24.4 billion at the first-quarter end.
UAL repurchased $0.2 billion of shares in the second quarter of 2025. UAL generated $1.13 billion of free cash flow in the June quarter.
UAL’s Outlook
UAL anticipates less geopolitical and macroeconomic uncertainty in the second half of 2025, with demand inflection beginning in early July with a 6-point acceleration in booking demand.
For third-quarter 2025, UAL anticipates adjusted EPS between $2.25 and $2.75. The Zacks Consensus Estimate of $2.70 lies within the guidance.
For 2025, UAL now expects adjusted EPS between $9.00 and $11.00. The Zacks Consensus of $10.07 lies within the updated guidance.
The updated 2025 EPS guidance comes in contrast with UAL’s prior 2025 dual EPS guidance unveiled during first-quarter 2025 (for a stabilized environment, 2025 adjusted EPS is expected to be between $11.50 and $13.50; for a recessionary environment, 2025 adjusted EPS is expected to be between $7 and $9).
UAL expects adjusted capital expenditures to be less than $6.5 billion.
UAL's Zacks Rank
Currently, UAL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q2 Performances of Other Transportation Companies
Delta Air Lines (DAL) reported second-quarter 2025 earnings (excluding $1.17 per share from non-recurring items) of $2.10 per share, which beat the Zacks Consensus Estimate of $2.04. Earnings decreased 11% on a year-over-year basis due to high labor costs.
Revenues in the June-end quarter were $16.65 billion, beating the Zacks Consensus Estimate of $16.2 billion and decreasing marginally on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1% year over year to $15.5 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported second-quarter 2025 earnings of $1.31 per share, which missed the Zacks Consensus Estimate of $1.34 and declined 0.8% year over year.
Total operating revenues of $2.93 billion missed the Zacks Consensus Estimate of $2.94 billion and were flat year over year. JBHT’s second-quarter revenue performance witnessed a 6% increase in Intermodal (JBI) loads, a 13% increase in Truckload (JBT) loads, a 3% increase in Dedicated Contract Services (DCS) productivity and a 6% increase in Integrated Capacity Solutions (ICS) revenue per load. These items were offset by Final Mile Services revenue declining 10%, lower revenue per load in both JBI and JBT, a 9% decrease in ICS load volume and a 3% decline in average trucks in DCS. Total operating revenues, excluding fuel surcharge revenue, increased 1% on a year-over-year basis.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

United Airlines Tops Q2 Earnings Estimates on Low Fuel Cost

The S&P 500 Index ($SPX) (SPY) today is up +0.30%, the Dow Jones Industrials Index ($DOWI) (DIA) is up +0.35%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.40%. September E-mini S&P futures (ESU25) are up +0.08%, and September E-mini Nasdaq futures (NQU25) are up +0.18%.
Stocks are climbing today on signs the US economy is holding up, despite tariff uncertainty. Positive economic news today included a decline in weekly jobless claims to a 3-month low, a stronger-than-expected retail sales report, and a rise in the Philadelphia Fed index to a 5-month high.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Strength in airline stocks is also lifting the broader market as United Airlines Holdings jumped more than +6% after CEO Kirby said the second half of the year has become more predictable, and the company has potential "upside" to beat its earnings targets as customers returned to booking flights.
On the negative side, health insurers are retreating today, led by an -11% plunge in Elevance Health after the company cut its earnings outlook for the year.
US weekly initial unemployment claims unexpectedly fell -7,000 to a 3-month low of 221,000, showing a stronger labor market than expectations of an increase to 233,000.
US June retail sales rose +0.6% m/m, stronger than expectations of +0.1% m/m, and June retail sales ex-autos rose +0.5% m/m, stronger than expectations of +0.3% m/m.
The US June import price index ex-petroleum was unchanged m/m, weaker than expectations of +0.2% m/m.
The US July Philadelphia Fed business outlook survey rose +19.9 to a 5-month high of 15.9, stronger than expectations of -1.0.
On the trade front, President Trump said late Wednesday that he intends to send a tariff letter to more than 150 countries notifying them their tariff rates could be 10% or 15%, effective August 1, and that the group was "not big countries who don't do that much business with the US."
Also, signs that the US could ease some of its export restrictions on semiconductor chips to China are bullish for chip makers. Commerce Secretary Lutnick said Nvidia could soon resume sales of its less advanced H20 chips to China, and Advanced Micro Devices received similar assurances from the Commerce Department, a sign that the US may be in the process of negotiating a grand trade deal with China. Treasury Secretary Bessent is expected to meet his Chinese counterpart, Vice Premier He Lifeng, within "the next couple of weeks" and signaled the US will likely extend an August 12 deadline for the easing of sky-high tariffs.
However, stocks were undercut by negative trade news that emerged last week and during this past weekend. Over the weekend, President Trump announced that the US will impose 30% tariffs on US imports from the European Union and Mexico, effective August 1. Mr. Trump said last Thursday that a 35% tariff on some Canadian products would take effect on August 1, up from the current 25%. Last week, Mr. Trump imposed a 50% tariff on copper imports, which will include semi-finished goods, and stated that drug companies could face tariffs as high as 200% on imports if they don't relocate production to the US within the next year.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 3% at the July 29-30 FOMC meeting and 58% at the following meeting on Sep 16-17.
The markets will focus on any fresh news regarding tariffs or trade deals during the remainder of this week. Later today, the July NAHB housing market index is expected to rise +1 to 33. On Friday, June housing starts are expected to climb +3.3% m/m to 1.298 million, and June building permits are expected to slip -0.6% m/m to 1.386 million. Also, the University of Michigan's US July consumer sentiment index is expected to climb +0.8 to 61.5.
Earnings season began in earnest this week with a focus on big bank earnings results. The consensus is for S&P 500 companies to show Q2 earnings growth of +2.8% y/y, the smallest increase in two years, according to Bloomberg Intelligence. Also, only six of the eleven S&P 500 sectors are projected to post an increase in earnings, the fewest since Q1 of 2023, according to Yardeni Research.
Overseas stock markets today are higher. The Euro Stoxx 50 is up +1.11%. China's Shanghai Composite closed up +0.37%. Japan's Nikkei Stock 225 closed up +0.60%.
Interest Rates
September 10-year T-notes (ZNU25) today are up +4 ticks. The 10-year T-note yield is down -2.2 bp to 4.433%. T-notes recovered from early losses today and moved higher on carryover support from late Wednesday when President Trump said he has "no plans” on firing Fed Chair Powell. T-notes also found support on signs of easing price pressures after today's news showed the Jun import price index ex-petroleum rose less than expected.
T-notes initially moved lower today on stronger-than-expected US economic news, including June retail sales, weekly initial unemployment claims, and the July Philadelphia Fed manufacturing survey, which signaled strength in the US economy that was hawkish for Fed policy. Also, strength in stocks today has reduced safe-haven demand for T-notes.
European government bond yields today are moving higher. The 10-year German bund yield is up +0.4 bp to 2.691%. The 10-year UK gilt yield climbed to a 6-week high of 4.678% and is up +2.2 bp to 4.660%.
Swaps are discounting the chances at 1% for a -25 bp rate cut by the ECB at the July 24 policy meeting.
US Stock Movers
United Airlines Holdings (UAL) is up more than +6% to lead airline stocks higher after CEO Kirby said the second half of the year has become more predictable and the company has potential "upside" to beat its earnings targets as customers returned to booking flights. Also, American Airlines Group (AAL) is up more than +5% and Alaska Air Group (ALK) is up more than +3%. In addition, Delta Air Lines (DAL) is up more than +2% and Southwest Airlines (LUV) is up more than +1%.
Snap-on (SNA) is up more than +6% to lead gainers in the S&P 500 after reporting Q2 net sales of $1.18 billion, stronger than the consensus of $1.16 billion.
PepsiCo (PEP) is up more than +6% to lead gainers in the Nasdaq 100 after reporting Q2 net revenue of $22.73 billion, above the consensus of $22.32 billion.
CSX Corp (CSX) is up more than +3% after Semafor reported that Union Pacific is exploring an acquisition of the company.
Steven Madden Ltd (SHOO) is up more than +7% after Citigroup upgraded the stock to buy from neutral with a price target of $32.
Toast (TOST) is up more than +3% after Deutsche Bank upgraded the stock to buy from not rated with a price target of $54.
Mondelez International (MDLZ) is up more than +1% after Jefferies upgraded the stock to buy from hold with a price target of $78.
Health insurance providers are sliding today, led by an -11% plunge in Elevance Health (ELV) to lead losers in the S&P 500 after cutting its earnings outlook for the year to "approximately" $30 per share, well below a previous forecast of $34.15 to $34.85 per share. Also, Molina Healthcare (MOH) is down more than -5%. In addition, Humana (HUM), Centene (CNC), and Cigna Group (CI) are down more than -2%. Finally, UnitedHealth Group (UNH) is down more than -1% to lead losers in the Dow Joens Industrials.
Sonic Automotive (SAH) is down more than -6% after JPMorgan Chase downgraded the stock to underweight from overweight with a price target of $72.
Starwood Property Trust (STWD) is down more than -4% after selling over 25.5 million shares of its common stock in an underwritten public offering overnight between $19.91 to $20.33 a share, below Wednesday's closing price of $20.85.
MP Materials (MP) is down more than -2% after it said it commenced a $500 million underwritten public offering of its common stock to fund its expansion.
Archer-Daniels-Midland (ADM) is down more than -1% after President Trump said Coca-Cola has agreed to use "real cane sugar" in Coke soda in the US, which could reduce demand for ADM's corn syrup and hurt its corn-processing business.
Shake Shack (SHAK) is down more than -1% after Jeffries downgraded the stock to underperform from hold with a price target of $120.
Earnings Reports (7/17/2025)
PepsiCo Inc (PEP), Travelers Cos Inc/The (TRV), Abbott Laboratories (ABT), Elevance Health Inc (ELV), Cintas Corp (CTAS), Marsh & McLennan Cos Inc (MMC), US Bancorp (USB), Snap-on Inc (SNA), General Electric Co (GE), Citizens Financial Group Inc (CFG), Fifth Third Bancorp (FITB), Netflix Inc (NFLX).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

United Airlines Holdings, Inc.

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